Filing Flows › CF Industries Holdings (CF) › Q4 2025
CF Industries Holdings (CF) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
CF Industries Holdings (CF) reported revenue of $1.9B for the fourth quarter 2025 (Q4 2025), +23% from a year earlier and +13% from the quarter before. Operating margin was 33.0%, net earnings $404M (21.6% of revenue).
CF Industries Holdings, Q4 2025: revenue $1.9B (+23% year over year), operating margin 33.0%, net earnings $404M, operating cash flow $539M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | +13% | +23% |
| Gross profit | $765M | +21% | +46% |
| Operating profit | $617M | +6% | +40% |
| Net earnings | $404M | +14% | +23% |
| Operating cash flow | $539M | -49% | +28% |
| Free cash flow | $313M | -56% | +40% |
What changed
Revenue was $1.9B in Q4 2025, up 23% year over year and up 13% from the previous quarter. Ammonia was the largest line at 38% of revenue.
Gross margin was 40.9%, up 6.5 points from a year earlier. Operating profit was $0.62B, a 33.0% margin (up 4.0 points year over year). Of the extra revenue versus a year earlier, 51% reached operating profit, above the 29% margin then. Operating expenses grew 78% against revenue growth of 23%. The fastest-growing cost line was Other operating costs (+1040%). Net earnings were $0.40B, up 23% year over year. The effective tax rate was 17.8%.
Operating cash flow was $0.54B (up 28% year over year), 109% of net income including minority interests. Non-cash charges added back $0.23B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.19B. Capital expenditures of $0.23B left free cash flow of $0.31B.
Questions
What was CF Industries Holdings' revenue in the fourth quarter 2025?
CF Industries Holdings (CF) reported revenue of $1.9B for the fourth quarter 2025 (Q4 2025), +23% from a year earlier and +13% from the quarter before.
Was CF Industries Holdings profitable in the fourth quarter 2025?
Operating profit was $617M (33.0% of revenue) and net earnings $404M.